SAIL MINING GROUP LIMITED - Quarterly suspension update

Quarterly suspension update

   SAIL MINING GROUP LIMITED
   (previously Chrometco Limited)
   (Incorporated in the Republic of South Africa)
   (Registration number 2002/026265/06)
   Share code: SGP
   ISIN: ZAE000070249
   (“Sail” or “the Company”)

   QUARTERLY SUSPENSION UPDATE

   In terms of paragraph 1.11(c) of the JSE Listings Requirements, the Company is required to
   provide an update to shareholders regarding the current state of affairs of the Company until
   the suspension is lifted.

   Shareholders are referred to the ongoing suspension in trading of the Company’s shares on
   the JSE which came into effect on 18 July 2022. Trading in the Company’s shares remain
   suspended due to the late publication of the annual financial statements for the years ended
   28 February 2022, 28 February 2023, 29 February 2024, 28 February 2025 and 28 February
   2026 (“Annual Results”) and the subsequent interim results for the six months ended 31
   August 2022, 31 August 2023, 31 August 2024 and 31 August 2025 (“Interim Reports”).

   In respect of the late publication of the Company’s Annual Results, the Company previously
   had challenges appointing new auditors due to three subsidiaries within the group, Black
   Chrome Mine Proprietary Limited (“Black Chrome Mine”), Sail Resources Proprietary
   Limited and Sail Minerals Proprietary Limited, being in Business Rescue. This was
   subsequently remedied and Auditors were appointed in October 2023; however, the
   finalisation and publication of the Interim Reports and Annual Results will remain outstanding
   until the finalization of the audit procedures as prescribed by IRBA. The Moore Johannesburg
   audit team have made significant progress on their audit verification procedures for the 2022,
   2023 and 2024 financial years. The Company has also appointed an International Financial
   Reporting Standards expert to assist with technical queries.

   The Company announced on 12 December 2025 (the “Record Date”) that it will proceed with
   a conditional offer to repurchase (the “Repurchase” or “Offer”), on a pro rata basis, all of the
   ordinary shares in its issued share capital (“Shares”) (excluding treasury Shares) (“Offer
   Shares”) on the Record Date. The Offer provided that to the extent all shareholders accept
   the Repurchase, one shareholder would remain as a shareholder of Sail. The board of Sail
   simultaneously advised shareholders that it proposed terminating the listing of the Company’s
   Shares from the AltX Board of the JSE (the "Delisting"). The Delisting is subject to the
   fulfilment or waiver, to the extent legally permissible, of suspensive conditions, namely:

   i.   Approval by shareholders of the Delisting (“Delisting Resolution”);
   ii   Approval by shareholders of an amendment the Company’s memorandum of
        incorporation as appropriate, to inter alia take account of the proposed delisting of the
        Company from the JSE; and
   iii. Approval of the Financial Surveillance Department of the South African Reserve Bank,
        (together the “Delisting Conditions”).
   The proposed Delisting will be facilitated by way of the Offer in accordance with paragraph
   1.15(c) of the JSE Listings Requirements. Should the Delisting Resolution be approved by
   shareholders at a General Meeting and the Delisting Conditions fulfilled or waived, the
   Company will apply to the JSE for its Delisting in terms of paragraph 1.14 of the JSE Listings
   Requirements.

   During the month, the Company announced the resignation of Mr Stephen Rowse as Chief
   Financial Officer, effective 30 September 2026. Willie Scott has been appointed as Chief
   Financial Officer of the Company with effect from 1 October 2026.

   The Company will provide a further update in this regard in due course.

   Johannesburg

   30 September 2026

   Designated Advisor
   PSG Capital
Date: 30/09/2026 03:10:00
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